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MANAGEMENT
TIPS
EVERY COLLEGE
STUDENT
SHOULD KNOW
MONEY
MANAGEMENT
TIPS
EVERY COLLEGE STUDENT SHOULD KNOW
To download 40 Money Management Tips in PDF format, visit:
www.smartaboutmoney.org/40moneytips
2011 National Endowment for Financial Education. All rights reserved.
The content areas in this material are believed to be current as of this printing, but over time,
legislative and regulatory changes, as well as new developments, may date this material.
TABLE OF
CONTENTS
40 Money Management Tips Every College Student Should Know
GETTING STARTED ....... pg. 3
#1. Take charge of your lifeand your money
#2. Know the ground rules
#3. Get organized
#4. Protect your personal information
CHECKING ACCOUNTS ....... pg. 6
#5. Find the best deal for your checking account
#6. Dont bounce checks
FINANCIAL AID ....... pg. 8
#7. Understand your fnancial aid
#8. Keep looking for fnancial aid
#9. Watch out for scholarship scams
#10. Use loans as a last resort
#11. Understand your student loan obligation
#12. Submit a new FAFSA every year
#13. Talk to a fnancial aid offcer if your
situation changes
JOBS ....... pg. 12
#14. Make school your frst job
#15. Look for a job on campus
#16. Turn a hobby or a skill into a
money-making endeavor
#17. Take time now to prepare for your career
DORM LIFE ....... pg. 14
#18. Choose the meal plan that works for you
#19. Save on snacks
#20. Use the dorm or campus computers instead
of buying your own
#21. Talk to your roommates about money issues
#22. Compare the cost of an apartment with the
cost of a dorm room
APARTMENTS ....... pg. 17
#23. Pay the rent on time
#24. Set ground rules regarding money
CUTTING EXPENSES ....... pg. 18
#25. Resist peer pressure
#26. Separate needs from wants
#27. Take advantage of student discounts
#28. Dont let car expenses drive you crazy
#29. Keep track of your student account
#30. Plug everyday spending leaks
#31. Create a budget and stick to it
CREDIT AND DEBT ....... pg. 21
#32. Build good credit
#33. Avoid credit card pushers
#34. Take control of your credit card
#35. Get help if you get into debt trouble
SAVING AND INVESTING MONEY ....... pg. 24
#36. Get into the savings habit
#37. Learn the power of compounding
#38. Pay yourself frst
#39. Learn about your options for saving and
investing money
#40. Net worth is not the same as self-worth
SPENDING PLAN WORKSHEET ....... pg. 27
RESOURCES ....... pg. 29
THE DECISION TO ATTEND COLLEGE is one that will
create many opportunities for you. What lies ahead is full of
possibility. While this is cause for excitement, it also can be
overwhelming. Continuing your education is often the frst step
toward achieving goals pertaining to your career and personal
accomplishment, but it can be expensive and full of challenges.
The fnancial decisions you make during college might
range from handling loose change to managing thousands of
dollars. But no matter how much money youre dealing with,
determining your fnances helps you determine your future.
When you know how to manage your money, you will be better
prepared to pursue your goalsand have enough money to
make them a reality.
Thats why the National Endowment for Financial
Education
(NEFE
(NEFE
),
Ted Beck, President and CEO; Brent A. Neiser, CFP, Director
of Strategic Programs and Alliances; Mary J. Schultz, MNM,
Project Manager; Amy B. Hartenstine, Director; and Mary Hoch,
Associate.
NEFE is an independent nonproft foundation committed to educating
Americans about personal fnance and empowering them to make
positive and sound decisions to reach fnancial goals. The National
Endowment for Financial Education, NEFE and the NEFE logo are
federally registered service marks of the National Endowment for
Financial Education.
For more information about the
National Endowment for Financial Education, visit:
www.nefe.org
To download 40 Money Management Tips in PDF format, visit:
www.smartaboutmoney.org/40moneytips
40 MONEY MANAGEMENT TIPS EVERY COLLEGE STUDENT SHOULD KNOW